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I have been approved for 0% APR cards for 6 months for a balance transfer. Unfortunately when the offer expires, I won't be finished paying off all of the debt completely. What I was thinking about doing was reapplying for another 0% APR card when the current offer goes away and continue to do this until the debt is paid. Your thoughts?
I have been approved for 0% APR cards for 6 months for a balance transfer. Unfortunately when the offer expires, I won't be finished paying off all of the debt completely. What I was thinking about doing was reapplying for another 0% APR card when the current offer goes away and continue to do this until the debt is paid. Your thoughts?
While this probably goes against everything that everyone else on here will say....we've been doing this for a while, and it works for us while we try to aggressively pay down debt. At the moment we have one card that is 0% until 2010 (one year total). Because it's 0%, we can pay less towards it while we make large payments to another CC. This is the second transfer this money has done - we couldn't pay it all off during the first promo so we transferred it to a card we already had that also had a 0% balance transfer rate.
Just be aware that you usually have to pay fees to transfer balances, usually up to about 3%. If you have a large balance, the fee may be more than what you would pay in interest (if the interest rate is relatively low).
Anywho, like I said...it has worked for us. Just don't think that because you have a 0% rate you can charge more...
Make sure you won't be stuck with a huge interest rate once the 0% expires, just in case you can't find another deal. They are not nearly as common as they used to be. Also remember that each credit card you get will be reflected on your credit report...and that isn't always a good thing.
Also remember that each credit card you get will be reflected on your credit report...and that isn't always a good thing.
True. I should have mentioned before that we have never opened up a new card to get a 0% rate - it's always been an existing card that has been doing a promotion.
Do your math. Zero percent interest for three months sounds good, right? Only a three percent up front fee. Lessee, there are four three month periods in a year, and 3% four times is 12%. Then there is the idea that if you miss the last date by even hours, you pay penalties, so you can't trust waiting to the last minute, so you shave a month off each three month period, so two months are 1/6th of a year, 3% x 6 times a year is 18% more or less.
Sometimes, you can find a deal that goes for a longer period, but beware the short ones.
I wouldn't take one with less than a year of zero percent. And yes, remember you might not get a similar offer at the end of the intro period. Of course, don't build up debt anywhere else based on the zero percent.
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